Stock Market Today, March 4: Coinbase Surges After Trump Signals Support for Digital Asset Market Bill
The S&P 500 (SNPINDEX:^GSPC) rose 0.77% to 6,868.95, the Nasdaq Composite (NASDAQINDEX:^IXIC) climbed 1.29% to 22,807.48 on tech and crypto strength, and the Dow Jones Industrial Average (DJINDICES:^DJI) added 0.49% to 48,739.40 as easing oil prices supported cyclicals.
Market movers
Defense names, including Lockheed Martin and Palantir Technologies, stayed elevated after earlier wartime gains, while semiconductor leaders Micron Technology and Intel rebounded from the prior session’s rout, aided by a powerful rally in crypto proxy Coinbase Global.
What this means for investors
It was an all-around better day for the markets in the U.S., with gains across all three indexes. While Iran is denying earlier reports that it reached out to discuss peace, the U.S.-Israel-Iran conflict may have simmered somewhat for now, stabilizing oil and gas prices after two volatile days. Further helping move U.S. markets higher was a jobs report showing that private-sector employment grew by 63,000 in February, exceeding analysts’ expectations of 48,000.
Meanwhile, it was an excellent day for crypto stocks as President Trump supported the Clarity Act, which intends to build a market structure for the broader crypto industry. However, South Korea’s KOSPI plunged again, falling 12% after yesterday 7% slide. The country gets 70% of its oil from the Middle East, so volatility could persist until a resolution is reached.
Regardless, investors should try not to overreact one way or the other. Either way, recent events aren’t likely to be a once-in-a-lifetime buying or selling opportunity, so investors might be best doing nothing for a few days and gathering information.
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Josh Kohn-Lindquist has positions in Palantir Technologies. The Motley Fool has positions in and recommends Intel, Micron Technology, and Palantir Technologies. The Motley Fool recommends Coinbase Global and Lockheed Martin. The Motley Fool has a disclosure policy.
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